The cost of a dining table is rs. 8400. A wants to buy it in 10 instal.Ents. His
e.M.I. Is rs. 875. Find the rate of interest?
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Answer: Interest is 350.
Step-by-step explanation: cost price of table=8400.
No of installments=10.
So, n=10/12 years.
Rate of interest 5%.
Interest =P×R×N/100
=8400×5×10/100×12
=350.
Now,
Amount to be paid
=interest+cost price
=350+8400
=8700.
EMI =Total amount/Number of installments
=8700/10
= 870.
Hope it helps....
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